Democratic lawmakers approved a $34.1 billion state budget supported in part by higher taxes on the wealthy and businesses Thursday, setting up all-but-certain vetoes by Gov. Chris Christie by some point between today and early next week.

Christie has pledged to reject the extra tax on income over $1 million, which would mark the fourth time he's vetoed that in five years, and a 15 percent surcharge on corporations. His budget veto will be more nuanced, as his line-item veto power lets him erase some spending without rejecting the whole bill.

"The most important relief that taxpayers can count on today is that the governor still has ink in his red pen and is ready to use it," said Assemblyman Anthony Bucco, R-Morris.

"Tomorrow we can talk about the long-term remedies that we need to have, but today we're faced with a need, and that need is to do the responsible thing – whether we hold our nose, whether we dislike intently that which we need to do," said Assemblyman Gary Schaer, D-Passaic. "But there need to be adults in the room. There need to be people who acknowledge that this is what we're confronted with, that this is what we must solve and this is the painful medicine that we must take."

It's unclear when Christie will announce the vetoes. The 2015 budget year doesn't begin until July 1, which is Tuesday, though even if he waited until after that date it wouldn't trigger a shutdown of state offices.

Roughly $1.5 billion in pension contributions kept in the budget by Democrats despite Christie removing it from his spending blueprint after income tax collections plunged in April will be the highest-profile deletion, but other spending added by lawmakers is also likely to get zapped.

To generate the funds needed to help cover the pension payment that's required under a 2010 law, Democrats approved two major tax increases:

• Imposing a 10.75 percent tax rate on income over $1 million. Such a tax would yield an estimated $723.5 million for the state's 2015 budget and cost 16,000 taxpayers upwards of $1.8 billion before it expired in December 2016. It was approved 24-16 in the Senate and 48-31 in the Assembly.

• Imposing a 15 percent surcharge on the corporate business tax for one year. This would yield $390 million, though a small portion would be dedicated to environmental programs rather than the general fund. This tax drew a bit less support, passing 21-18 in the Senate and 42-37 in the Assembly.

"It is a budget that meets all of the obligations required of this Legislature, our debt obligations," said Sen. Paul Sarlo, D-Bergen. "We are not walking away from sins of the past, like other legislatures and other governors have. We are making a commitment and paying our bills."

Senate Minority Leader Thomas Kean Jr., R-Union, said that by suspending $175 million in job-creation grants due through the Business Employment Incentive Program, some bills aren't being paid.

"People on both sides of the aisle realize we need to honor our obligations. We need to honor the pension payments. We need to honor the payments to companies that have moved to the state or are staying in the state, employing thousands of people, based on promises," Kean said.

The income tax increase generated some of the day's most heated discussion.

Democrats say the rich are the only ones who've been making economic gains and shouldn't be protected. Republicans contend that such increases have driven wealthy residents and business owners from the state over the last decade and contributed to the state's lagging economy by discouraging entrepreneurs from setting up shop in New Jersey.

"We are the most beautiful state in the nation. Only in New Jersey can you go to the mountains, can you go to the beach, can you go to the biggest city in the United States," said Assemblywoman Caroline Casagrande, R-Monmouth. "There is no excuse for the fact we are not keeping our citizens except for the plain-as-day facts that outward migration and tax burden in this country right now match."

When Sen. Joseph Kyrillos, R-Monmouth, offered to lead a tour of homes in "Middletown, the greater Red Bank area, Rumson," where he said well-off residents can easily change their tax residence by spending a few more weeks at vacation homes, Senate President Stephen Sweeney responded angrily.

"You know, I wish nothing but the best for the wealthy, but enough's enough," Sweeney said.

Sweeney said Republicans voted for pension reforms, which include gradually working back to full payments to the pension funds.

"How about the people who can't leave here? How about the people who are stuck here in poverty? We're going to cut their pensions and we're going to screw the working class," Sweeney said.

"Just three years after extracting deep concessions and steep increases in pension contributions in return for a promised rescue of the pension funds, this administration with its budget says, 'Never mind, we're not going to uphold our end of the bargain,'" said Sen. Linda Greenstein, D-Middlesex.

Kyrillos said Democrats miss the larger argument.

"It's not the millionaires that I'm worried about. It is all the other people who depend on the revenue of this state for their pension, for schools, for roads, for bridges,'' Kyrillos said, who noted the wealthiest 1 percent of taxpayers foot about 40 percent of the state's income tax bill.

Lawmakers also passed a bill – 25-12 in the Senate, 43-35 in the Assembly – that would generate $110 million in additional taxes through various tax changes, including a requirement that online retailers in other states begin collecting sales taxes on transactions involving New Jersey residents starting July 1.

That bill would appear likely to be signed by Christie, as he recommended the changes in his budget speech in February. Lawmakers didn't pass other tax proposals Christie made, including plans to hike taxes on e-cigarettes and business-to-business sales in urban enterprise zones.